SBP exempt from paying property tax in Cantt areas, LHC rules.

LAHORE -- The Lahore High Court has ruled that the State Bank of Pakistan (SBP) enjoys exemption from property tax on its imAmovable properties situaAted in cantonment areas.

Justice Jawad Hassan issued the ruling allowing a petition of the SBP challeAnging the levy of property tax by the Chaklala CantonAment Board, Rawalpindi and seeking an exemption under Section 99(2)(f) of the Cantonments Act, 1924.

The SBP through a counsel pleaded that it was a corporation but not a commercial entity like the National Bank of Pakistan or any other commercial/scheduled bank or financial institution.

The counsel argued that by granting property tax exemption to the SBP, no discrimination will be caused to any entity. He said over the years there have been many amendments in the functions of the SBP...